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Board of directors & corporate governance

Board of directors


Kristján Þór Júlíusson has been the Chairman of the Board since 2022, has a teaching certificate from the University of Iceland and a captain’s license from the Reykjavík Nautical Academy. Kristján Þór was a Member of the Althing Parliament for the Northeast Constituency 2007-2021. He was the Minister of Health 2013-2017, Minister of Education and Culture and Minister of Nordic Co-operation 2017 and Minister of Fisheries and Agriculture 2017–2021. He was a member of the Althing Budget Committee from 2007–2013, the Industry Committee from 2007–2009 and the Environment Committee from 2009–2011. Kristján Þór was the mayor of Dalvík 1986–1994, the mayor of Ísafjörður 1994–1997 and the mayor of Akureyri 1998–2006. Kristján Þór was on the Board of Directors of Landsvirkjun, 1999–2007. He was Chairman of the Board of Lífeyrissjóður Norðurlands 2000–2007 and on the Board of the Land Registry of Iceland during the same period. Kristján Þór was Chairman of the Board of the Port Association of Municipalities 1994–1997 and Chairman of the Board of Eyþing 1998–2002. Kristján Þór was elected to Isavia’s Board of Directors at the 2022 Annual General Meeting.


Hólmfríður Árnadóttir has been a Board Member since 2022, with a BEd and MEd degree from the University of Akureyri and a DiplEd degree from the University of Iceland. Hólmfríður works as a project manager at the University of Iceland and has over 20 years of experience in management, consulting and teaching. She worked as a principal from 2016–22 and as a specialist at the University of Akureyri from 2012–16. She has served on numerous boards, councils and committees. Hólmfríður was elected to Isavia’s Board at the 2022 Annual General Meeting.


Jón Steindór Valdimarsson has been a Board Member since 2022, received an MPM (Master of Project Management) from Reykjavík University and holds a law degree from the University of Iceland. Jón Steindór was a Member of Althing Parliament from 2016 to 2021. He was the Managing Director of the companies TravAble ehf. and Nordberg Innovation ehf. from 2015 to 2016. He was Deputy Managing Director and later Managing Director of the Federation of Icelandic Industries from 1988 to 2010. Jón Steindór sat on the Board of Reginn hf. from 2014–2015 and the Board of the Institute of International Affairs of the University of Iceland from 2002–2013. He was Chairman of the Board of Landsbréf hf. from 2011–2013, Vice-chairman of the Board of Framtakssjóður Íslands from 2011–2012 and on the Board of the New Business Venture Fund from 2000–2010, of which Chairman of the Board 2004–2010. Jón Steindór was elected to Isavia’s Board at the 2022 Annual General Meeting.


Nanna Margrét Gunnlaugsdóttir has been a Board Member since 2018, studied business administration at the University of Iceland and has an MBA degree from Reykjavík University. As of 2015, Nanna has been the Director of Investments at Hafblik Investments. She was a consultant to foreign retail chains from 2013–2014 regarding operations in Iceland, the owner of Náttúrulækningabúðin and related retail and wholesale companies from 2008–2013 and was employed by Eimskip from 1998–2008 in positions within the Financial Management Department and as Sales Manager in the Sea and Air Freight Department. Nanna was elected to Isavia’s Board at the 2018 Annual General Meeting.


Alternates on Isavia’s Board of Directors

Tómas Ellert Tómasson
Marta Jónsdóttir
Ingveldur Sæmundsdóttir
Sigrún Traustadóttir
Valdimar Halldórsson

Corperate Governance

Isavia ohf. is a publicly owned company responsible for the operation, maintenance and development of Keflavik Airport. Its subsidiaries manage scheduled-flight domestic airports and landing sites in Iceland, duty free stores as well as air navigation services for domestic and international flights covering a 5.4 million square km area of the North Atlantic. We ensure flight safety and airport security in accordance with internationally recognised standards and international legal obligations. We are regulated and licensed by the Icelandic Transport Authority.

Isavia’s functions were under the remit of the Icelandic Civil Aviation Administration (ICAA) and the Keflavik Civil Aviation Administration until 2006, when the ICAA’s air navigation services and airport operations were separated from its administration and oversight role. A new publicly owned company, Flugstoðir, took over the non-regulatory functions. These came under the oversight of the Ministry of Transport, which was also the purchaser of the company’s services to the government. Upon the departure of the US Armed Forces from Keflavik Airport in 2006, the Keflavik Civil Aviation Administration was entrusted with all operations of the airport. The terminal’s operation remained with Flugstöð Leifs Eiríkssonar ohf. and came under the administration of the Ministry for Foreign Affairs until the start of 2008, when it was transferred to the Ministry of Transport.

The publicly owned company Keflavíkurflugvöllur ohf. was founded in 2008 to manage the operation, maintenance and development of the airport and terminal in addition to services to flight operators and management of the airport’s use for security and defence purposes. This company began operations on 1 January 2009. The state’s holding in the company was administered by the Minister of Transport until year-end 2009, when responsibility for government holdings in publicly owned companies was transferred to the Minister of Finance.

On 1 May 2010, the two publicly owned companies Flugstoðir and Keflavíkurflugvöllur merged into Isavia ohf. This laid the foundation for new activities and services in the area of aviation and commerce. The Minister of Finance continues to administer the state’s holding in the company, while the Minister of Transport provides line-ministerial oversight.

Isavia’s corporate governance is prescribed by the Public Limited Companies Act No. 2/1995, the General Government Ownership Policy of August 2012, the company’s Articles of Association and its Rules of Procedure.

The company’s Board has regard to the Iceland Chamber of Commerce’s Corporate Governance Guidelines and complies with these in all major respects, although the company is not legally obliged to do so.

The Board currently has no formal sub-committees, such as an audit committee, selection committee or remuneration committee.

The company has adopted a Corporate Governance Policy.

Board of Directors

Isavia’s Board is composed of five directors and five alternates elected at the Annual General Meeting for a term of one year at a time. The directors are nominated by the Minister of Finance and Economic Affairs on behalf of the owner, the Icelandic State Treasury.

Duties and procedures of the Board

The Board has adopted detailed Rules of Procedure setting out its main duties and powers as well as those of the Managing Director. The current Rules of Procedure were approved at a meeting of the Board on 6 April 2017. They include provisions on the division of tasks within the Board, rules on the eligibility of Board members to participate in the transaction of business, rules on confidentiality, disclosure obligations to the Board, and the Board’s decision-making powers.

The Board has ultimate authority over the company’s affairs between shareholders’ meetings under law and the company’s Articles of Association. The Board’s main role is to manage the company between shareholders’ meetings, ensure adequate supervision of the company’s accounting and the treatment of its assets, approve operating budgets and investment plans and ensure compliance therewith. The Board makes all major decisions on the company’s activities and ensures that they are in accordance with the laws and regulations to which the company is subject. The Board’s role also includes promoting the company’s growth and ensuring its long-term success by formulating company policy in consultation with its management.

Performance assessment

The Board regularly evaluates its own performance, procedures and practices, the company’s performance, the Managing Director’s performance and the effectiveness of any Board sub-committees. Performance assessment includes identifying strengths and weaknesses in activities and procedures as well as potential areas of improvement. The most recent performance assessment was carried out in December 2016.

Internal control and risk management

The Board has set out a comprehensive risk policy for the company and defined its key operational risks. The main risks relating to the Group’s financial transactions are exchange rate risk, currency risk and inflation-indexation risk.

A Risk Committee is in place and is authorised by the Board to determine the scope and nature of assessed risks and carry out profitability analysis for projects and ventures that could significantly impact the company’s operations and financial condition. The Risk Committee reports regularly to the Board on the company’s risks. The company does not have an internal auditor. However, its external auditors carry out specific audits of company processes.